The Financial Oversight and Management Board said the revised schedule allows the integration of more recent information regarding Puerto Rico’s macroeconomic environment, federal funding, and government revenues and expenditures
The Financial Oversight and Management Board announced a revised schedule for the process of developing, submitting, approving and certifying the 2023 Fiscal Plan for the Commonwealth of Puerto Rico by February.
The fiscal plan is the long-term blueprint to ensure financial sustainability, efficient and affordable government services, and a more competitive economy.
The oversight board said the revised schedule allows the integration of more recent information regarding Puerto Rico’s macroeconomic environment, federal funding, and government revenues and expenditures.
“Incorporating this information into the 2023 Fiscal Plan will better underpin the FY2024 budget development process taking place in the spring of 2023,” the board said.
During the 2023 Fiscal Plan process, the oversight board said it expects to increase collaboration with the government. To that end, the board set up collaborative working groups with the government on a series of topics including, but not limited to, revenue forecasting, broadband infrastructure, municipality-specific topics and Medicaid.
“We are hopeful that these working groups will contribute to a more collaborative certification process and enable a continuous dialogue toward strengthening fiscal responsibility and facilitating the conditions for economic growth in Puerto Rico,” the oversight board said in a letter to Gov. Pedro Pierluisi Urrutia dated Nov. 23.
The oversight board said it hopes that enhanced collaboration during the fall of 2022 will allow for the resolution of potential differences prior to the governor’s submission of a proposed 2023 Fiscal Plan to the board.
The revised schedule for the process of developing, submitting, approving and certifying the 2023 Fiscal Plan calls for the governor to submit a proposed plan by Jan. 13, 2023. The oversight board will then send the government notices of violations by Jan. 24, 2023.
On Feb. 3, 2023, the governor will submit a revised proposed 2023 Fiscal Plan to the oversight board. On or before Feb. 17, 2023, the board will certify the 2023 Fiscal Plan.
Fuente: The San Juan Daily Star
